Abstract

The “Taula de Canvì i Depòsits de Barcelona” was the first public bank – a financial institution owned and guaranteed by a public actor. Developed as a short-term solution to economic and financial problems, it triggered a profound change in the economic policy of Barcelona. In fact, the city council used it as a financial tool to amortize public debt, while avoiding major fiscal pressure on the citizenry. What is most striking, however, is that the idea for the bank came from the citizens, only to be further developed by the city council and its experts. This combination of economic contingencies, personal initiative and administrative coordination frames one of the great turning points in the history of Mediterranean banking.